Section 2: Banking Business.

(1) No person shall carry on any banking business in Nigeria except it is a company duly incorporated in Nigeria and holds a valid banking licence issued under this Act.
(2) Any person who carries on banking business in Nigeria without a valid licence under this Act, commits an offence and is liable on conviction to-
(a) imprisonment for a term of not less than five years;
(b) a fine of not less than of N50,000,000;
(c) two times the cumulative deposits or other amount collected; or
(d) both imprisonment and fine.
(3) For the purpose of subsection (2), “any person" includes a body corporate, its promoters, directors, managers, or officers that are in any way connected with superintending, directing or managing the affairs of the company.
(4) For the purpose of refunding the deposits to account holders in subsection (2), the Bank may direct that the money be deposited with a licenced bank appointed for that purpose who shall undertake the refund and report thereon to the Bank.
(5) For the purposes of this Act, a person is deemed to be receiving money as deposits and thus, conducting banking business if the person-
(a) accepts deposits from the general public as a feature of its business or if the person solicits for deposits orally, electronically or through any form of advertisement or otherwise by any other means; or
(b) receives money as deposits which is limited to fixed amounts, or for which certificates or other instruments are issued in respect of such amounts providing for the repayment to the holder, either conditionally or unconditionally of the amount of the deposits at specified or unspecified dates, or for the payment of interest, dividend, profit or fees on the amounts deposited at specified intervals or otherwise, or that such certificates are transferable;
Provided that the receiving of money against any issue of shares, debentures or non-interest bearing instruments offered to the public in accordance with any enactment in force within the Federation is not deemed to constitute receiving money as deposits for the purpose of this Act.